athenahealth Acquired by Hellman & Friedman and Bain Capital

athenahealth, a provider of cloud-based enterprise software solutions for medical groups and health systems nationwide, today announced that affiliates of Bain Capital and Hellman & Friedman have completed their acquisition of athenahealth from Veritas Capital and Evergreen Coast Capital for $17bn.

“We are thrilled to partner with Hellman & Friedman and Bain Capital as we take the next step in our evolution and continue our work to transform and improve the delivery of healthcare,” said Bob Segert, chairman and chief executive officer of athenahealth, who will continue to lead the Company. “It is an exciting time for athenahealth’s customers, employees, and partners. This acquisition confirms our position as the largest and most innovative provider of cloud-based electronic medical record and physician practice solutions across healthcare, and I look forward to our future as we work together to realize our vision of creating a thriving ecosystem that delivers accessible, high-quality, and sustainable healthcare for all.”

athenahealth partners with more than 140,000 ambulatory care providers, throughout all 50 states and across more than 120 specialties, to accelerate the pace of healthcare innovation and support the delivery of leading clinical and financial outcomes. athenahealth’s solutions and services enable its customers to increase clinical efficiency, optimize financial performance, improve patient care outcomes, and support providers in accelerating their shift toward value-based care. athenahealth’s athenaOne® cloud platform addresses the critical aspects of a physician’s practice – with modules spanning patient engagement, revenue cycle, telehealth, payments, population health, and value-based care management. athenahealth delivers this suite of capabilities to customers by combining powerful SaaS technology with the expert services and data-driven insights that come from the country’s largest single connected network.

In addition to Hellman & Friedman, Bain Capital Private Equity, and Bain Capital Tech Opportunities, the investor group includes Veritas Capital and Evergreen Coast Capital, which have each retained a minority investment in athenahealth, as well as other new coinvestors, including an affiliate of GIC and a wholly owned subsidiary of the Abu Dhabi Investment Authority.

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The pension fund first announced a 2050 net-zero ambition in May last year, but did not set out interim targets.

It is betting on engagement with companies to drive the emission reductions, but today also said that a new £500m “Sustainable Growth” mandate would support its net-zero goals.

The £500m would be invested globally, either directly or through funds, in high growth, privately-owned businesses that are developing technologies and services that will help companies and the broader economy to decarbonise, USS said.

The new mandate will be managed by the private markets group within USS’s in-house investment management team and benefit the defined benefit and, over time, the defined contribution segments of the scheme, USS said.

“We hope that these announcements give confidence to our members and to other stakeholders of the seriousness with which we are treating decarbonisation,” said Bill Galvin, group chief executive officer of USS.

“This is not an easy task, and along with the rest of the industry we will face challenges in the early years before the data quality improves, but these targets are a statement of intent, and give us important staging posts against which to assess our progress.”

Last month USS announced the introduction of a climate “tilt” for £5bn of its equity investments, via the adoption of a benchmark meeting minimum EU climate benchmark standards.

“The climate tilt and new investment mandate form part of a much bigger plan that will involve all of our investment professionals and the management teams of our portfolio companies,” said Galvin.

“Indeed, we will need to work closely with our industry peers, regulators, governments and many others. Ultimately, we all need to work together to achieve net zero.”

Source: IPE

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